It Felt Like Gambling
Today’s trade had almost nothing to do with trading and everything to do with gambling. Skill meant very little; luck meant everything. Someday, when I grow up and get big, I wanna be a gold dealer. I’m all for free markets, but what I saw today makes me think of only one thing: market manipulation.
Just when you think you’ve seen just about everything, along comes a day like today where every stop in the market seemed like it got hit; up or down it didn’t make any difference, and all within 10 – 15 minutes.
Frankly, no matter your algorithm or method of trade, you were at the mercy of the dealers and the prices they provided. Long or short, nothing you did was “safe” from the stop hunters. Risk management? Fugetaboudit!
Some days this business makes no trading sense; today was one of them.
Have a good day everyone.